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such stock. (Added by act approved and in force April 30, 1895. L. 1895, p. 301; Legal News Ed., p. 210.
Mode of determining value of stock.) § 29c. In determining the value of such stock for the purpose of taxation the value of real estate owned by such associations shall be first deducted from their assets and such real estate shall be assessed in the manner now provided by law. (Added by act approved and in force April 30, 1895. L. 1895, p. 301; Legal News Ed., p. 210.
29d. Shares of stock-How assessed-Emergency.) § 29d. The shares of the stock and property of every such mutual building, loan and homestead association shall be assessed as herein provided and not otherwise.
Whereas, assessments are required to be made between the first day of May and the first day of July, 1895, therefore an emergency exists and this act shall take effect and be in force from and after its passage. (Added by act approved and in force April 30, 1895. L. 1895, p. 301; Legal News Ed., p. 210
As to releasing mortgages.
AN ACT to enable building and loan associations to release mortgages and trust deeds. (Approved June 3, 1889. In force July 1, 1889. L. 1889, p. 98; Legal News Ed., p. 74.
91s. May release trust deed.) § 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That in all cases where associations have been formed in this State under "An act to enable associations or persons to become a body corporate to raise funds to be loaned only among the members of such association," in force July 1, 1879; and said associations have taken bonds, and trust deeds made to third persons, conveying real estate to said third persons as trustees, as security for the payment of said bonds; and when it becomes necessary for any trust deed to be released, and said trustee shall refuse to make such release, or he shall be absent from the town, city or county where such real estate is located, then it shall be lawful for the president or secretary of such association, on being requested so to do by the board of directors of such associations, to act in the capacity of alternate trustee, fully authorized and empowered to release all claim, right, title and interest his association has in and to the real estate described in the trust deed to be released.
91t. Release valid.) § 2. All releases of trust deeds made in accordance with the foregoing section shall be held and esteemed as of the same value and significance as if they had
been made and executed by the person named as trustee in said trust deeds.
Foreign building, loan and homestead associations.
AN ACT to regulate foreign building, loan and homestead associations doing business in the State of Illinois. (Approved June 20, 1893. In force July 1, 1893. L. 1893, p. 86; Legal News Ed., p. 60.
91u. Deposit-Conditions before transacting businessCertificate.) § 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That foreign building, loan and homestead associations doing business in the State of Illinois shall conduct the same in accordance with the laws of this State governing domestic associations, and no such association shall do any business in this State until it procures from the Auditor of Public Accounts a certificate of authority to do so. To procure such authority, such association shall comply with the following provisions :
First. It shall deposit with the said Auditor one hundred thousand ($100,000) dollars, either in cash or bonds of the United States or of the State of Illinois, or of any county or municipal corporation in the State of Illinois, satisfactory to said Auditor.
Second. It shall file with the Auditor a certified copy of its charter, constitution and by-laws, and other rules and regulations showing its manner of conducting business, together with a statement such as is required annually from all associations, and certified copies of all subsequent amendments to such by-laws.
91v. When Auditor may issue certificate.) § 2. Whenever such association has complied with the provisions of this act, and the Auditor is satisfied that such association is doing. business according to the laws of this State, and is in sound financial condition, he shall issue his certificates of authority to such association to do business in this State. Annually thereafter, upon the filing of the annual statement herein provided for, if the Auditor shall be satisfied as aforesaid, he shall issue a renewal of such certificate of authority.
91w. May use interest.) § 3. Such foreign association may collect and use the interest on any securities so deposited, so long as it fulfills its obligations and complies with the provisions of this act. It may also exchange them for other securities of equal value and satisfactory to the Auditor.
Deposit-How made.) § 4. The deposit made with
the Auditor shall be held as a security for all claims of residents of this State against said association, and same shall be liable for all judgments or decrees thereon, and subjected to the payment of the same in the same manner as the property of other non-residents. Should any association cease to do business in this State, the Auditor may release securities in his discretion, retaining sufficient to satisfy all outstanding liabilities.
91y. Auditor may cancel certificate when.) § 5. Should the Auditor find, upon examination, that any foreign association does not conduct its business in accordance with the law, or that the affairs of any such association are in an unsound condition, or if such association refuses to permit examination to be made, he may cancel the authority of such association to do business in this State, and cause a notice thereof to be sent to the home office of the association, and to be published in at least one newspaper in the city of Springfield. After the publication of such notice, it shall be unlawful for any agent of said association to receive any further stock deposits from members residing in this State, except payments on stock on which a loan has been taken.
91z. Fees of Auditor.) § 6. Foreign building and loan associations shall pay to the Auditor the following fees, which shall be paid into the State treasury, to-wit: For filing each application for admission to do business in this State, fifty ($50) dollars for each certificate of authority, and annual renewal of same twenty-five ($25) dollars.
91zz. Penalty for not complying with act.) § 7. It shall be unlawful for any building and loan association to do business in this State without first having complied with the provisions of this act, or for any person to sell, dispose of or offer to sell or dispose of any shares of stock of any such association which has not complied with the provisions of this act, and any association violating any of the provisions of this act, or failing to comply with any of its provisions, or any person so selling or offering to sell or dispose of stock in any such association which has not complied with the provisions of this act, shall be fined not less than fifty dollars nor more than one thousand dollars, to be recovered by an action in the name of the State, and on collection to be paid into the State treasury: Provided, That building and loan associations organized in other States, having heretofore transacted business in this State, which shall not have complied with the provisions of this act, shall have the right to close up their business and fulfill their contracts heretofore entered into with
the citizens of this State, through their duly authorized agents, without being subject to the penalties prescribed by this act; but all contracts made after the passage of this act by such associations not authorized to do business in this State at the time of making such contracts shall be null and void.
Receivers' and attorneys' fees in receivership cases of building and loan associations.
AN ACT to regulate the fees of court receivers and attorneys' fees in receivership cases of building and loan associations. (Approved May 10, 1901. In force July 1, 1901. L. 1901, p. 206; Legal News Ed., p. 179.
91zzz, Fees of, in building and loan associations.) § 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That in all cases in the courts of this State wherein receivers or custodians are or may be hereafter appointed to take charge of the assets of any building and loan association, the fees to be allowed for all services, clerk hire and expenses of such receivers or custodians shall not exceed 3 per cent of the funds handled by such receiver or custodian, to be paid out of the assets. Any such receiver may be allowed by the court such further amounts for attorney's fees for services rendered, as the court may determine, not exceeding the sum of twenty dollars per day for actual time of service:
Provided, That in no case shall the fees to be allowed for attorney's services exceed the sum of $1,000.00, except as to the separate fees to be allowed in cases of foreclosure of mortgages or trust deeds, which may be allowed in accordance with the terms of mortgage in each particular case. Any receiver or custodian violating any of the provisions of this act shall be fined in any sum not exceeding five hundred dollars ($500), or imprisonment in the county jail not exceeding thirty days, or both, at the discretion of the court.
General powers and duties of.
Person dealing with corporations of limited powers (Loan Associations) are charged with notice of such limitations and cannot plead ignorance.
Nat'l Home B. & L. Ass'n v. Home S. Bank, 181 Ill. 35. Loan Associations have no power under Illinois Statutes to issue paid-up stock, or to pay dividends on stock.
Rhodes v. Missouri S. & L. Co., 173 Ill. 621 (631).
Loan Associations cannot buy and sell real estate except as it comes to them by foreclosure of mortgage; hence contracts for purchase are void.
Nat'l Home B. & L. Ass'n v. Home S. Bank, 181 Ill. 35. Building and Loan Associations are not required to report annually that they are not party to any trust-held constitutional.
People v. Kelly Mfg. Co., 1 Ill. C. C. R. 171.
State Auditor-Powers of, over.
The State Auditor of Public Accounts may under the conditions stated in Act of 1897 amending the Act of 1879 (Hurd, 1908, p. 550) appoint a custodian of the assets of a Building and Loan Association and proceed as therein authorized to close up the Association.
Assets Realization Co. v. Defrees, 225 Ill. 508.
Loan Associations are subject to the judgment of the State Auditor as to their insolvency, or illegal practices. He may, in his discretion, have receiver appointed.
Illinois Bldg. Ass'n v. People, 173 Ill. 638.
Loan Associations are authorized to make their assets sufficient, after notice from the Auditor, by an assessment pro rata on stock-to the credit of installments.
Continental I. & L. Society v. People, 167 Ill. 195 (201).
Assets may be made sufficient after notice from the Auditor, by an assessment against stockholders-procedure.
Broadwell v. Inter Ocean H. & L. Ass'n, 161 Ill. 327 (336).
Sec. 17, Building and Loan Act, 1893, does not require a second notice by the Auditor before declaring association insolvent-when.
Broadwell v. Inter Ocean H. & L. Ass'n, 161 Ill. 327 (333). Auditor of Public Accounts has full power to supervise Building and Loan Associations-rule.
Broadwell v. Inter Ocean H. & L. Ass'n, 161 Ill. 327 (335).